Mark Quinn, formerly a senior v.p. and distressed loan trader at Lehman Brothers, has left the firm to join Troob Capital Management. Quinn will trade private and public securities including bank debt, bonds, convertibles and equity options.
"I think highly of [Quinn] in all aspects of trading," said Peter Troob, managing member of the firm. He added that Quinn brings a background in bank debt to the firm, which is often a weak point for other traders. Troob said he and Quinn had also worked together at a previous firm, although he declined to be specific. Quinn declined to comment.
The amount of bank debt that Troob Capital currently holds could not be determined, but the firm may be looking to invest more in the bank debt area in the future, according to sources. Troob Capital is a capital structure arbitrage firm based in White Plains, N.Y. The firm was founded in April 2002.
It could not be determined whether Lehman would look to hire a replacement. Alex Kirk, Lehman's head of high-yield, and a Lehman spokeswoman did not return calls seeking comment.